<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac has slashed fixed rates by up to 0.70 percentage points.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That makes it the first big bank to offer a fixed rate under 5 per cent in the current cycle, according to Canstar Blue.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The bank's lowest advertised fixed rate now starts from 4.89 per cent, down 0.70 percentage points.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/man-convicted-of-triple-murder-put-to-death-in-floridas-record-11th-execution-this-year/68f412a8-be32-47ab-ab42-1193b03a8c6b" target="_blank"><strong><span>Man executed over triple murder motivated by $3000 debt</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That's specifically for its two-year term for owner-occupiers paying principal and interest with a 30 per cent deposit.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>By comparison, Commonwealth Bank's fixed rate for the same term sits at 5.44 per cent, while NAB and ANZ's start from 5.19 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"[Westpac's] move is likely to be in response to an easing in the cost of fixed rate funding and the strong possibility of further easing from the RBA," Canstar.com.au data insights director Sally Tindall said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/westpac-rates-slashed-lowest-of-big-four-banks/a971210e-331a-4e98-ac5c-6a85420b4931" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There's also likely to be an element of competition driving Westpac's decision today, despite the fact that fixing is not yet back in vogue with customers."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac's three-year term rate also dropped 0.60 percentage points to 5.29 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Its one-year term rate dropped to 5.19 per cent, down 0.50 percentage points, and its four- and five-year term rates dropped by 0.30.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/florida-taxpayers-may-lose-218m-on-empty-alligator-alcatraz-as-judge-orders-shutdown/1776f31f-9044-4122-9f84-b545b28078dd" target="_blank"><strong><span>Florida taxpayers may lose $333m on empty 'Alligator Alcatraz' as judge orders shutdown</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac now offers the lowest fixed rates among the big four banks across the board, though it shares the title with NAB on the three-year term.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The cuts span the Westpac group (St George, Bank of Melbourne, BankSA) with up to 90 percentage points slashed from some fixed terms.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>And it's not the only lender slashing rates.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Analysis from Canstar.com.au shows that almost 30 now offer a fixed rate under 5 per cent, compared to zero at the start of 2025.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While the RBA has said that further easing is likely, there's still not a huge amount of clarity on how many cuts are to come in the cycle," Tindall added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Plus, there's always the wildcard that some banks might not pass on future cuts in full."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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